Adani Ports posts quarterly profit rise on cargo volume growth

India's Adani Ports and Special Economic Zone logged a quarterly profit rise on Tuesday, boosted by growing cargo volumes and said its Israeli port of Haifa "operated unhindered" in a quarter which saw the Israel-Iran conflict.

India's biggest private port operator is seen as a proxy for long-term infrastructure prospects in the world's fastest growing major economy.

The company operates 15 domestic ports and terminals, and four international ones - including one in Haifa, a major port city in Israel.

The Haifa port clocked highest quarterly revenue and operating core profits since the group acquired and privatised it in 2022, Adani Ports said.

A 12-day-long conflict between Iran and Israel in June had many ships avoiding West Asia and rerouting through a longer route around the southern tip of Africa, lifting volumes at major Indian ports by six per cent, ElaraCapital said.

Cargo volumes for Adani Ports grew 11 per cent on-year during April-June, faster than the eight per cent in the preceding quarter and 7.5 per cent year-on-year. That lifted its revenues by 31 per cent to 91.26 billion rupees ($1.04 billion).

The port operator's consolidated net profit rose 6.5 per cent on-year to 33.15 billion rupees for the quarter.

Adani Ports maintained its fiscal year 2026 forecast of cargo volumes at 505 million tonnes to 515 million tonnes.

The company said Executive Chairman Gautam Adani will now be its non-executive chairman. The Indian billionaire would cease to be key managerial personnel of the company, it added.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)